A 53-year-old IT professional from Pune, who recently opted for voluntary retirement, has fallen victim to a sophisticated cyber fraud, losing Rs 71.20 lakh. The fraudsters lured him with promises of handsome returns from online share trading. The incident occurred between December 2024 and March 2026, according to police reports.
How the Fraud Unfolded
The victim, a resident of Mayur Colony in Kothrud, filed a complaint with the Pune cyber police. Senior Inspector Swapnali Shinde of the Pune cyber police told TOI, "The complainant recently took retirement from an IT company located on Senapati Bapat Road. Currently, he works as a consultant."
According to the police investigation, the suspects added the victim's mobile number to a messaging app group where members discussed high returns from online share trading. Group members frequently thanked the admin for providing profitable trading tips.
Impressed by False Claims
Impressed by the profits claimed by group members, the victim contacted the group admin, who promised to assist him. The admin sent a link to an online mobile app for trading shares, which the victim downloaded. Initially, he bought shares of lesser value. However, the admin urged him to purchase high-value shares for greater profits and provided seven bank account details for fund transfers. The victim transferred a total of Rs 71.20 lakh to these accounts.
Realization of Cheating
The app displayed a profit of over Rs 1 crore, prompting the victim to sell the shares. However, the fraudsters prevented him from doing so. Realizing he had been cheated, he approached the police.
Police Advisory
The Pune cyber police have advised citizens to be cautious of unsolicited investment offers on messaging platforms and to verify the authenticity of trading apps before making any transactions.
